DocMagic, Inc. has launched new technology that enables its Total eClose platform to accept documents from any source, including non-e-enabled documents.
The company said AutoPrep leverages artificial intelligence, optical character recognition (OCR) and machine learning technologies to scan and parse documents, locate all signature and notary regions, and then electronically tag them for eClosing.
DocMagic said the technology enables lenders to use loan documents produced by virtually any document provider, from standard documents to partially e-enabled documents, with Total eClose.
“With AutoPrep, there isn’t a single document that cannot be converted into a compliant e-enabled document and brought into Total eClose for electronic signature,” DocMagic CEO Dominic Iannitti said in a statement.
“While eClosings are more efficient, compliant, and enable the level of service consumers expect, they aren’t as common as they should be,” Iannitti said. “One reason is that some lenders are tied to systems that don’t produce e-enabled documents. With AutoPrep, lenders can transition more quickly to an eClosing workflow bringing efficiency, consistency and significant improvement to the user experience.”
DocMagic said AutoPrep can learn the nuances of specific documents and adjust accordingly going forward, identify whether signatures are improperly placed or missing, find e-tags placed by other providers, and read documents that have been partially but not fully converted into e-enabled documents.
“DocMagic is known for its commitment to moving the mortgage industry forward with advancements like a 100 percent paperless end-to-end eClosing process,” Iannitti said. “As the industry’s eClosing leader, we are positioned to fill the gaps left by less advanced technologies. AutoPrep solves the longstanding and frustrating challenge that lenders face when they want to advance to eClosing, but are held back by their technology providers.”